<h1>Union government to implement GST reforms Sept 22, cutting four slabs to two and returning Rs 2 lakh crore</h1> Union government will implement GST reforms effective Sept 22, consolidating four tax slabs into two and estimating an immediate liquidity impact of about Rs 2 lakh crore returned to consumers to boost domestic consumption. The finance minister stated the revised structure aims to lower retail prices, expand production and employment, and widen the tax base-benefiting low-income households, middle-class families and MSMEs. The minister defended the reforms against opposition criticism that prior GST rates were excessive and cited growth in the number of registered taxpayers since GST's 2017 introduction.